FG reiterates commitment to N1.5trn highway investment

Spread the love

Barbara Bako, Abuja.

The Federal Government has reaffirmed its commitment to unlocking infrastructure investment through long-term private concessions, with a focus on highway development.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun disclosed this after chairing a high-level meeting with partners under the Highway Development and Management Initiative (HDMI), reinforcing the Federal Government’s commitment to private sector-led infrastructure development on wednesday in Abuja.

The session, jointly held with the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, convened concessionaires managing nine highway projects covering over 900km, with a combined value of ₦1.5 trillion and expected to be delivered under 25-year concession agreements.

Edun emphasised that private capital is essential to accelerating development, following Nigeria’s return to macroeconomic stability despite global shocks and reduced oil revenues.

“We have stabilised the economy. Now, we must grow—faster, broader, and inclusively. Private-led infrastructure delivery is central to that mission,” Edun stated.

He highlighted the successful concession of the Benin-Asaba highway as a proof of concept, already underway with support from institutional and global investors.

He also relayed the Minister of Works’ directive that concessionaires demonstrate proof of funds to ensure timely mobilisation.

Senator Bagudu reaffirmed President Tinubu’s strategic shift toward private sector-driven infrastructure, enabling investors to recover costs via tolling while closing public financing gaps.

The initiative aligns with the Renewed Hope Agenda—anchored on fiscal discipline, strategic investment, and job creation.

With private sector partners on board, the Federal Government is poised to deliver on its promise of improving Nigeria’s infrastructure and driving economic growth, marking a significant step towards achieving the Renewed Hope Agenda’s objectives.